Battersea Power Station Development Company has completed the sale of its iconic power station for £1.58bn to Malaysian investors.
The shareholders of the commercial assets in the new structure are Permodalan Nasional Berhad (PNB), one of the largest asset managers in Malaysia, and the Employees Provident Fund of Malaysia (EPF), Malaysia’s premier retirement savings fund.
They have acquired the commercial assets in the Power Station through a joint venture, of which they own 65% and 35% respectively.
Both already own 70% of the entire Battersea Power Station development through their holdings in the original developers, and in the case of EPF through a direct 20% holding.
The deal will not affect the shareholdings in Battersea Project Holding Company, which remain unchanged between S P Setia (40%), Sime Darby Property (40%) and EPF (20%).
The Power Station accounts for around six acres of the overall 42-acre regeneration site and is regarded as the jewel in the crown of the project.
It is currently being restored and will, on completion from the end of 2020, host hundreds of shops, restaurants, cafes, event spaces and cinemas as well as new homes, Apple’s London campus and business members’ club, No18.
UK-based Battersea Power Station Development Company and its subsidiaries will continue as the development, estate and asset manager for all phases of the overall development.
Dato’ Ahmad Pardas Senin, chairman of Battersea Project Holding Company, said: “We are delighted that this reorganisation has concluded, giving this iconic landmark a sound footing for the future and ensuring it is expertly curated and managed in the longer term.”
Datuk Wong Tuck Wai, chairman of Battersea Power Station Development Company, added: “The closure of this transaction marks a significant milestone for all parties involved as it allows the parties to focus on what they do best respectively and specifically enhance the roles each plays in the overall Battersea project.”
Simon Murphy, chief executive of Battersea Power Station Development Company, said: “Significant headway has already been made this year in terms of the restoration works, which we would not have achieved without the support and guidance from our shareholders and stakeholders.”
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